SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1052 Post time：2015-04-09
SHANGHAI, Apr. 9 (SMM) –LME aluminum crawled up to USD 1,787/mt after opening at USD 1,780/mt on Wednesday. But prices fell to USD 1,765.5/mt later as mounting inventories caused crude oil to lose as much as 6%. Finally, LME aluminum ended at USD 1,771/mt. Trading volumes increased 4,138 lots to 13,173 lots, with positions up 3,476 to 802,135.
SHFE 1506 aluminum contract dived to RMB 13,135/mt due to tumbling crude oil after starting Wednesday’s night session at RMB 13,315/mt, and closed at RMB 13,215/mt. Trading volumes totaled 26,820 lots, with positions up 1,690 to 125,446.
Weakness in physical market and growing bearish sentiment should send the most active SHFE aluminum contract down to RMB 13,120-13,220/mt on Thursday. In China’s spot market, growing supply and falling SHFE aluminum will weigh on spot prices, with spot discounts of RMB 90-130/mt expected over SHFE front-month aluminum contract.
News center